A constant-cost industry will have
A. a perfectly inelastic long-run supply curve.
B. a perfectly elastic long-run supply curve.
C. an upward sloping demand curve in the long run.
D. an upward sloping supply curve in the long run.
Answer: B
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If two countries are economically identical except that citizens in one country have more leisure time, then the level of GDP:
A. will be the same in both countries. B. will be higher in the country with more leisure time. C. will be higher in the country with less leisure time. D. will be greater than the level of economic well being in each country.
In a static game, firms
A) compete multiple times until there is a winner. B) compete only once. C) must have complete information. D) act sequentially.
Because of the multiple tools at its disposal, the Fed can control the money supply very precisely
a. True b. False Indicate whether the statement is true or false
The three broad types of resources used to produce goods and services are also known as:
A) economic systems. B) factors of production. C) production possibilities. D) financial capital.